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Parent Resources for Education Preparation (PREP)SM |
Your Financing Options:
Credit Cards
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Some parents may opt to use credit cards to gain specific rewards. But unless they are strict about paying off their credit cards monthly, this simply is not a good option—especially since education loans can offer much better terms.
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Pros |
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May provide rewards (for example, airline miles, coupons). |
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Fast, short-term solution to meeting financial need. |
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Cons |
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Open, revolving debt can negatively impact your credit score. |
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High interest rates. |
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No deferment options. |
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No tax advantages. |
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